Exercises 4, 5, 9 and Problem 17 (only a.)

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only a needs to be done for this

LO2 4 Recording share transactions, instalments Gross Limited released a prospectus seeking 100000 ordinary shares. The prospectus required investors to pay 80 cents on application, 70 cents on allotment and a call of 60 cents. Applications for 100 000 shares were received on 1 July and the shares were allotted on 2 August. The allotment money was received on 3 September. A call was made on 4 October and the call money was received on 5 November REQUIRED a Prepare the journal entries to record the above transactions. b Assume the above information, except on 1 July applications were received for 123 000 shares. The prospectus allowed Gross to reject any application the company deemed inappropriate and to scale back other applications and apply the excess application money to allotment. Gross rejected applications for 13000 shares, refunding the money to the applicants, and scaled back one application for 30 000 shares to 20000 shares, applying the excess application money to allotment. c Prepare the journal entries to record the receipt of the application money, the refund, the issue of shares and the receipt of the allotment money for the above transactions. 08 ACCT3 Financial Copyright 2019 Cengage Learning. All Rights Reserved. May not be a LO2 5 Recording forfeiture and reissue of shares Given the information in Question 4, assume when the call was made a shareholder of 2000 shares did not pay the call. In accordance with the prospectus the shareholder forfeited the shares and the company reissued the shares at a 20 cent per share discount. REQUIRED Prepare the journal entries to record that the call money was not received the forfeiture of the shares and the reissue of the 2000 shares. LOT the 6 Share terminologies LO2,5 LO: 9 Share dividends Maxfield Manufacturing declared a share dividend of $1.50 per share on 1 July to be distributed on 1 August to shareholders of record on 15 July. On 1 July, Maxfield has 250 000 issued and paid-up ordinary shares. Maxfield's shares are trading at $15 per share on 1 July REQUIRED a Prepare all necessary journal entries to record the share dividend. b Show your calculations in determining how many shares would the holder of 1000 shares expect to receive in the share dividend? PROBLEMS 102.3.5.6 17 Recording and reporting equity Czernkowski Company had the following balances in its shareholders' equity at 1 January Contributed equity (4500000 $2100 000 ordinary shares) Retained earnings 2225000 During the year, Czernkowski had the following transactions: 1 Mar. Issued 200 000 ordinary shares for cash at $8 per share. 1 Jul. Declared a 1 for 10 share dividend, payable 1 August. The shares were trading at $7 per share on 1 July. 15 Aug. Declared a 50 cent per share cash dividend of record on 1 September, payable 15 September. 1 Oct. Bought back 6000 ordinary shares for $45000. 31 Dec. Revenue for the year $1620000, expenses for the year $1 100 000 REQUIRED a Prepare the journal entries to record the transactions. b Prepare Czernkowski's 31 December shareholders' equity section of the balance sheet. c Calculate earnings per share for the year. 18 Issuing shares: instalments. 1023